AdMob takes $15.7 Million Series C
Mobile advertising provider AdMob has taken $15.7 million Series C in a round led by Sequoia Capital’s Growth Fund with existing investor Accel Partners also participating.
AdMob also announced that the company was now cash flow positive off the back of more than 6,000 partners worldwide. AdMob customers include MySpace, CoverGirl, Toshiba, and Comedy Central, and Google, Microsoft and Yahoo are AdMob advertisers.
The new funding will be used to make “strategic investments” to strength AdMob’s position. These include accelerating the growth of worldwide operations, with a focus on Western Europe, India, South Africa and Japan; increasing investment in AdMob’s technology platform, expanding current offerings for publishers and advertisers, and increasing sale and business development teams in the United States.
AdMob still isn’t a widely known company, but their numbers speak for themselves. The company is now serving 4.5 billion mobile banner and text ads per month, triple the number for the same time last year. The investment from Sequoia is a big vote of confidence in AdMob, coming after Sequoia led the charge on the doom and gloom front earlier this month. Sequoia also doesn’t do second rounds that often, so the fact they’ve invested here, and in troubled economic times, means the brightest VC firm in the land believes AdMob is a winner.
Congrats to the AdMob team on the new round.
